Cara Therapeutics (NASDAQ:CARA) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Cara Therapeutics (NASDAQ:CARA) from a hold rating to a buy rating in a report released on Tuesday, Zacks.com reports. They currently have $24.00 target price on the biopharmaceutical company’s stock.

According to Zacks, “Cara Therapeutics, Inc. is a biopharmaceutical company. The company is focused on developing and commercializing new chemical entities designed to alleviate pain. Cara Therapeutics, Inc. is based in Shelton, United States. “

Several other brokerages have also weighed in on CARA. Laidlaw boosted their price objective on Cara Therapeutics from $26.00 to $32.00 and gave the company a buy rating in a report on Wednesday, May 29th. HC Wainwright upped their target price on Cara Therapeutics from $26.00 to $28.00 and gave the company a buy rating in a report on Wednesday, May 29th. Needham & Company LLC upped their target price on Cara Therapeutics from $28.00 to $35.00 and gave the company a buy rating in a report on Wednesday, May 29th. Finally, BidaskClub lowered YRC Worldwide from a buy rating to a hold rating in a report on Tuesday, April 30th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of $25.31.

Shares of Cara Therapeutics stock opened at $24.28 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.40 and a quick ratio of 3.40. Cara Therapeutics has a fifty-two week low of $12.19 and a fifty-two week high of $24.37. The company has a 50-day moving average price of $20.51.

Cara Therapeutics (NASDAQ:CARA) last announced its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.55) by ($0.01). The firm had revenue of $4.38 million during the quarter, compared to the consensus estimate of $5.14 million. Cara Therapeutics had a negative net margin of 443.71% and a negative return on equity of 67.30%. Equities research analysts anticipate that Cara Therapeutics will post -2.38 earnings per share for the current fiscal year.

In other news, CFO Mani Mohindru sold 2,496 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $21.39, for a total transaction of $53,389.44. Following the completion of the transaction, the chief financial officer now directly owns 16,359 shares in the company, valued at $349,919.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Frederique Ph.D. Menzaghi sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $21.90, for a total value of $438,000.00. Following the transaction, the insider now owns 128,882 shares of the company’s stock, valued at $2,822,515.80. The disclosure for this sale can be found here. Insiders have sold 41,921 shares of company stock valued at $905,677 over the last ninety days. Corporate insiders own 5.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Morgan Stanley lifted its holdings in Cara Therapeutics by 6.3% during the 3rd quarter. Morgan Stanley now owns 81,338 shares of the biopharmaceutical company’s stock valued at $1,948,000 after buying an additional 4,840 shares in the last quarter. Rhumbline Advisers lifted its holdings in Cara Therapeutics by 56.9% during the 4th quarter. Rhumbline Advisers now owns 44,072 shares of the biopharmaceutical company’s stock valued at $573,000 after buying an additional 15,984 shares in the last quarter. California Public Employees Retirement System lifted its holdings in Cara Therapeutics by 1.4% during the 4th quarter. California Public Employees Retirement System now owns 86,798 shares of the biopharmaceutical company’s stock valued at $1,128,000 after buying an additional 1,198 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Cara Therapeutics by 2.0% during the 4th quarter. New York State Common Retirement Fund now owns 30,700 shares of the biopharmaceutical company’s stock valued at $399,000 after buying an additional 600 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Cara Therapeutics by 1.5% during the 4th quarter. BlackRock Inc. now owns 2,800,605 shares of the biopharmaceutical company’s stock valued at $36,407,000 after buying an additional 42,487 shares in the last quarter. Institutional investors and hedge funds own 56.10% of the company’s stock.

About Cara Therapeutics

Cara Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing and commercializing chemical entities with a primary focus on pruritus and pain by selectively targeting kappa opioid receptors in the United States. The company is developing product candidates that target the body's peripheral nervous system and immune cells.

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